CRE: Scary Quote Of The Day

This quote from Jamie Dimon this morning during the discussion of JPM’s second quarter results is chilling:

Dimon: Commerical real estate is going to get worse over the next few quarters. “It’s idiosyncratic” (second time he used that word today). He says, there are good devleopers and bad developers, good projects and bad ones. Our exposure is pretty minimal. About $30 billion multi-family portfolio we got from Wamu. But it’s performing pretty well. Regional banks, on the other hand, are going to get crushed.

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